UNB Islamic fund to invest mainly in UAE

UNB fund will look to invest in emerging markets. (FILE)

By

Wam

PublishedSunday, May 18, 2008

Union National Bank (UNB) announced the launch of the Al Samaha Islamic Fund, a Shariah compliant fund investing mainly in the UAE and with the flexibility to seek opportunities in other GCC countries, Mena and other emerging equity markets. The fund aims at investing in a balanced portfolio compliant with the Shariah creating a growth in the capital both in the short and long term.

It will focus on Islamic equities in addition to other Shariah investment instruments that are compliant with the Shariah methodology. The fund is an open-ended fund with weekly liquidity. The minimum subscription is Dh10,000 and thereafter in multiples of Dh1,000. Investment in units is open to all individuals without restrictions.

Subscription open today and will continue till June 11. The fund will have liquidity and its Net Asset Value (NAV) will be calculated and posted on a weekly basis. "The idea of the fund emerged from the high liquidity in the local market and the low interest rates.

"In addition to the promising quarter results of the listed companies which led to the substantial increase in the stock market deals. All reflect the return of trust to the local market," said Galal Khadr, Head of Private Banking & Wealth Management Division at UNB.

"At UNB we are always keen to offer our clients distinguished services that meet their various requirements and we expect the Fund to be met with enthusiasm from a wide range of investors and for it to be our flagship entering into the Islamic products arena."

Khadr added: "We also see new opportunities every day and are confident that the market can yield much higher returns in the near and long term."

The fund is approved by the UAE Central Bank and will be managed by a highly qualified team that will serve clients and offer them the latest investment solutions to address all their investment needs.

Khadr continued: "The region continues to attract new funds and the UAE in particular has enjoyed continuous improvement in the investment environment which creates ideal opportunities for investment.

"On the macro-economic level, the region is being driven by a continuous surge in oil prices with the real estate and banking sector leading the economy.

"The stock market, too, is expected to grow very positively in the future."

ADCB launches MSCI arabian markets index fund

Abu Dhabi Commercial Bank announced the launch of the ADCB MSCI Arabian Markets Index Fund, a first-of-its-kind fund designed to track the performance of a diversified basket of Arabian market stocks.

"As the regional GCC equity and capital markets continue to grow, so too has the demand for more diverse and innovative solutions to meet the growing sophistication of investors. With this in mind, Abu Dhabi Commercial Bank is leading the way on a wide range of funds initiatives in the UAE and the broader region" said Ahmed Barakat, Head of Wealth Management Group at ADCB. The Fund will track the MSCI Arabian Markets index which is a multi-country equity benchmark covering the UAE, Saudi Arabia, Oman, Qatar, Bahrain, Kuwait, Egypt, Morocco and Jordon.